KENYA – ThriveAgric, an innovative agricultural technology startup based in Nigeria, has declared a strategic alliance with Visa, a global payments technology company.
This collaboration aims to facilitate ThriveAgric’s expansion into the Kenyan market and is poised to benefit as many as 10,000 local farmers.
ThriveAgric is set to launch community-centric hubs in five key Kenyan counties: Busia, Homabay, Migori, Nandi, and Narok. These hubs are operational centers and are envisioned as vital community resources.
Specifically, the hubs in Homabay and Busia are designated to function as educational and resource centers. Here, farmers can participate in training sessions designed to enhance their agricultural skills and knowledge. Additionally, these centers will serve as distribution points for essential farming inputs.
The hubs will act as aggregation points during the harvest season, providing a streamlined process for farmers to bring their produce to a central location. Once delivered, the crops will be evaluated and priced according to prevailing market quality standards, ensuring farmers receive fair compensation for their hard work.
Moreover, the partnership promises to bridge the financial services gap for farmers. By facilitating the opening of bank accounts and issuing Visa cards, ThriveAgric and Visa are taking significant strides toward increasing financial inclusion among the farming community.
This move is expected to integrate farmers into the formal financial system, providing them with secure and convenient access to their funds.
In 2022, ThriveAgric achieved a significant financial milestone by securing a substantial $56.4 million in debt funding. This influx of capital was sourced from a combination of local commercial banks and institutional investors.
The primary objective of this funding is to facilitate the growth of ThriveAgric’s network of farmers and to spearhead the company’s expansion into new markets across the African continent.
Specifically, ThriveAgric has set its sights on entering and establishing a presence in Ghana, Zambia, and Kenya. This financial boost is expected to enable the agritech startup to scale its operations and extend its impact to a broader demographic of African farmers.
In April 2024, ThriveAgric announced a new partnership with Acorn Rabobank. This collaboration is aimed at offering carbon credits to an impressive number of over 30,000 smallholder farmers scattered across nine Nigerian states, namely Kaduna, Gombe, Adamawa, Taraba, Bauchi, Jigawa, Niger, Nassarawa, and Kano.
The initiative is a testament to ThriveAgric’s commitment to enhancing agricultural productivity and contributing to environmental conservation efforts through sustainable farming practices.
The partnership between ThriveAgric and Acorn Rabobank to provide carbon credits is a forward-thinking initiative that aligns with global sustainability goals. It supports farmers in enhancing their livelihoods and contributes to the broader environmental agenda.
Moreover, the role of agritech in bolstering Kenya’s agricultural sector underscores the transformative impact that such collaborations and technological advancements can have on the continent’s economic landscape.
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